Department of Financial Services pushes New York banks to online lending

20 October 2016

New York State Department of Financial Services (NYDFS) expressed its position on the online lending and urged the New York based banks to enter the fintech stage as their rivals outside the city are intensely adopting the new financial services thus outpacing them in the implementation of the new technologies. Maria Vullo, a superintendent of NYDFS said to New York banks not to fall behind.

The statement was made at the meeting held by the NYDFS with the banks considering the possibility to expand their operations into the online lending space. Such financial services would be beneficial for consumers with lower level of income residing in New York as banking services are not available for them.

Comments of the head of NYDFS are made some time past the introduction of Marcus by Goldman Sachs.

Last week largest investment bank Goldman Sachs unveiled its new business named after one of the founders of the company Marcus Goldman. The Group reported that customers would be able to have access to personal loans with better terms as compared to conventional financial instruments provided by banks.

Marcus will provide to creditworthy consumers personal loans without any fee for an amount up to 30 thousand US dollars for a term from 2 to 6 years. Head of the new service noted that immediate personal loan provided to consumers which experience difficulties with paying their debt on credit card interests would bring more benefits.

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